The Philippine Deposit Insurance Corporation (PDIC) raised P92.4 million from the sale of 27 corporate and closed banks' assets during its public auction and sealed bidding on October 1 and 2, 2015, respectively. The combined sale represented a premium of P8.5 million against the minimum aggregate disposal price of P83.9 million.

During the public auction, a total of 12 corporate assets and 4 closed bank properties consisting of 10 contiguous residential vacant lots located in South Cotabato, five transportation equipment, and a generator set were sold for P16.0 million.

Meanwhile, a total of 11 properties composed of 4 agricultural lots, a commercial lot with improvement, 5 residential lots with improvements, and a residential/agricultural lot with improvement were sold during the sealed bidding for a total amount of P76.4 million. These properties are located in Agusan del Sur, Albay, Batangas, Cavite, Laguna, Palawan and Quirino.

The regular conduct of asset disposal initiatives through public auctions and biddings is part of PDIC's strategic direction to expeditiously dispose non-financial assets. Proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC's main fund source for payout of insured deposits, while proceeds from the sale of closed bank assets will be credited to the funds held in trust for the respective closed banks to increase the recovery of creditors and uninsured depositors and settle their claims.

Aside from public auctions and sealed biddings, PDIC also liquidates assets via negotiated sale. Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph. and use the PDIC's Property Finder for information on available inventory of assets for sale. Prospective buyers may also call the Asset Management and Disposal Group at (02) 841-4651 for inquiries.

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